View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0370
ICR Reference No:
201508-7100-004
Status:
Historical Active
Previous ICR Reference No:
Agency/Subagency:
FRS
Agency Tracking No:
FR HY-5
Title:
Reporting and Recordkeeping Requirements of Regulation H and Regulation Y Associated with Minimum Requirements for Appraisal Management Companies
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/18/2016
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/18/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2019
36 Months From Approved
Responses
7,067
0
0
Time Burden (Hours)
1,545
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
On June 9, 2015, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Bureau of Consumer Financial Protection, and Federal Housing Finance Agency (collectively, the agencies) published a joint final rule in the Federal Register (80 FR 32658). This final rule implements the minimum requirements in section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to be applied by States in the registration and supervision of AMCs; and for AMCs that are subsidiaries owned and controlled by an insured depository institution and regulated by a Federal financial institutions regulatory agency (Federally regulated AMCs). Under the final rule, these Federally regulated AMCs do not need to register with a State, but are subject to the same minimum requirements as State-regulated AMCs. The final rule also implements the requirements for States to report to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) the information required by the ASC to administer the new national registry of AMCs (AMC National Registry). In conjunction with this implementation, the FDIC is integrating its appraisal regulations for State nonmember banks and State savings associations. The final rule is effective on August 10, 2015. The Board’s reporting and recordkeeping requirements of Regulation H and Regulation Y associated with minimum requirements for AMCs are found in sections 225.192 through 225.196.
Authorizing Statute(s):
US Code:
12 USC 3353(a)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
12 USC 3353(e)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
12 USC 3338(a)(2)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
12 USC 3338(a)(3)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AE15
Final or interim final rulemaking
80 FR 32658
06/09/2015
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
79 FR 19521
04/09/2014
30-day Notice:
Federal Register Citation:
Citation Date:
80 FR 32658
06/09/2015
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
AMC reporting requirements (Sections 225.194 and 225.195)
Establish and maintain registration and supervision program (Section 225.193)
State reporting requirements to the ASC (Section 225.196)
Written notice of appraiser removal from network or panel (Section 225.192)
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
7,067
0
7,067
0
0
0
Annual Time Burden (Hours)
1,545
0
1,545
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Daniel Newman 202 973-7409 daniel.b.newman@frb.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
04/18/2016
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